(4)Given the economic relevance of real estate markets for Member States, sources of systemic risk, rather than merely economic downturns and idiosyncratic risks, should be taken into account when specifying the conditions for assessing the minimum LGD values. When taking into account the conditions for assessing minimum LGD values, a number of conditions related to sources of systemic risk that affect forward-looking property market developments should be considered, among them whether macroeconomic imbalances relate to a downturn, whether other macroprudential measures are in place, and national specificities related to immovable property markets and their financing.